Beef Exports Off to Slow Start, Optimism Ahead

WASHINGTON, DC – This could be a banner year for beef exports if projections from the U.S. Meat Export Federation (USMEF) are realized. USMEF, the export promotion arm for the beef industry, is expecting a substantial increase in beef exports for 2021 while pork exports are projected to increase slightly over the record year in 2020. According to the latest data from USDA, February beef exports fell 8 percent year over year while the value of those exports slipped 2 percent lower. USMEF explains the downturn for the month was due mainly to a decline in variety meat exports, as beef muscle cuts were steady with last year in value ($598 million). Through February, beef exports were 5 percent below last year’s pace and muscle cuts were roughly 1 percent lower. Beef exports to South Korea are off to a very strong start this year while demand for U.S. beef continues to grow in China, as exporters capitalize on access gains achieved in the U.S.-China Phase One Economic and Trade Agreement.
(SOURCE: All Ag News)